Specialty Food Ingredients Market to Grow as Consumers Favour Convenient Functional Food Products

September 2022, Market Research Future has published a Report on the Global Specialty Food Ingredients Market

Market Insights

Specialty food ingredients market is estimated to reach USD 296.4 billion by 2030, growing at a 8.6% CAGR during the forecast period (2022-2030).

Specialty food ingredients are a vital addition to processed food as they help maintain the functional integrity of the product while adding several micronutrients which enhance the diet. Specialty food ingredients are largely used to perform a wide number of applications such as preserve the texture of a product or enhance its color. This makes the product easier to consume as it increases flavor makes the product safe among other advantages which are key in driving the global specialty food ingredients market. Market Research Future has conducted a thorough study of the market, and the upcoming report features many pertinent facts and figures as well as important observations. The growth of the market is reliant on the fact that the specialty food ingredients are important in maintaining the sustainability of processed food products. Their use in almost every part of the F&B industry such as bakery & confectionery items, beverages, meat products, and several others is also a key factor driving its growth as demand is consistent and ongoing.

Moreover, consumers are rapidly shifting preferences in food for convenient processed food as well as functional food & beverages due to rising concern for health. Prevalence of chronic diseases has increased, particularly in urban areas. Diabetes and obesity are on the rise and have spurred consumers to make changes in their diet, thus resulting in a shift toward health consciousness in a choice of food products. Many countries have stringent laws regarding the printing of nutritional information on products which have slowly garnered attention among consumers as they are now putting more emphasis on ingredients in processed food. Additionally, the trend for convenient and functional food and beverage items has encouraged the adoption of specialty food ingredients in order to add a healthy edge to conventional products to tap into the growing health-conscious demographic in urban areas. Another factor of note in the same vein, is the preference for convenient packaged and processed F&B products as lifestyles in urban areas have become highly hectic, with more women joining the workforce. The busy lifestyles of working professionals are a key factor driving the sales of packaged or processed food items, thus driving the growth of the global specialty food ingredients market.

Market Segmentation

The global specialty food ingredients market has been segmented in MRFR's report to provide a view of the market in its various parts as well as a whole. The market has been segmented on the basis of ingredients, application, and region. Ingredients are segmented into vitamins, minerals, antioxidants, sugar substitutes, flavors, specialty starches, acidulants, preservatives, emulsifiers, colors, enzymes, and F&B starter cultures. Applications for specialty food ingredients are found in bakery & confectionery, beverages, dairy & frozen foods, convenience foods, meat products, and functional food/ beverages/dietary supplements.

The market has also been analyzed by its various geographical segments which include North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.

Regional Analysis

North America and Europe have significant markets for specialty food ingredients, and these regions have a high concentration of market players who are actively involved in the growth of the market. The presence of a considerable F&B sector in these regions combined with the increasing health consciousness as well as stringent regulations regarding the use of certain specialty food ingredients are expected to fuel the growth of the market.

Meanwhile, the Asia Pacific represents massive potential for the market as it has a high concentration of emerging economies with massive populations. The region is urbanizing rapidly, and the demand for convenient and functional processed or packaged food items is driving the APAC market. APAC also has an increasing number of women participating in the workforce, which has further increased the demand for healthy functional food which is convenient and supports a busy schedule without compromising of health.

Key Players

MRFR’s report also covers the competitive landscape of the global specialty food ingredients market. Important market players that have been included in the report are Frutarom, Archer Daniel Midland, Kerry Groups, Tate & Lyle PLC, Evonik, Ingredion, Royal DSM N.V., PPG Industries, Ingredion Incorporated, CHR. Hansen, Naturex, Cargill Inc., KF Specialty Ingredients, E. I. DuPont de Nemours and Company, Givaudan Flavors, Ashland Inc, and Sensient Technologies among others.